Regurgitation alert. Big earnings on deck tonight from IBM, YHOO, and INTC. All three of their charts look like crap, and all on sell signals, but I have the feeling we will see some kind of reversal in the markets overall. NOT because the earnings will be great from either of these companies (of course they could be good, but it won’t matter). No. The markets will get steam and reverse upwards on the Beige Book number tomorrow at 2 pm. Normally that number is released today, however, due to MLK holiday, that number was postponed to Wednesday.

Thats right, another holy crap batman, the market is rallying in the face of dissappointing results. SPX is at support, Dow has pulled back, and the NDX has chilled a little bit after going parabolic. A move up from here in the NDX will make for a more linear line so all the chartists out there get your mice ready because you are going to be drawing for hours.

Holding long Rydex funds and stocks long. TRLG, APPX, EXM (there is light at the end of the tunnel), & MRB best performers today. I may look to take some profits on TRLG into strength tomorrow. I won’t be selling a full position in this stock anytime soon, my prediction is that TRLG will make the top stock list of 2006.

***edit changed the crude inventories number which is delayed to the beige book number.

No tags for this post.





Thanks for reading

Want to know when I post again? Subscribe to the StockRake feed: .